It is not difficult to retire here. You need to plan your finances carefully.
Buy the cheapest
HDB BTO 3 room flat you can find and stay there until you retire. You can get a cheap BTO flat for $100k plus after subsidies. Don't buy those $1m resale
HDB flats if you're not rich.
Make sure you don't waste money on cars, employing maids, spending lavishly, going holidays frequently, smoking, drinking, gambling, partying, etc. Save 50% or more of your income.
If you have a household income of $100k pa and save $50k pa, in 20 years you will save $1m! You can surely retire with $1m.
Don't be like those who earn a household income of $100k pa but own a car (cost you $24k pa to own and use a car), employ a maid (cost you $12k pa), gamble, drink, smoke etc.
Most people earn enough but they OVERSPEND.
If your household income is only $100k pa, you should not own a car, employ a maid, etc. You should save $50k pa for your retirement.
Quote:
Originally Posted by Unregistered
So many good stories here. Glad that many succeeded.
But we assume year in year out everyone is making +ve returns.
What happens when the economy is down, people lose jobs and many has to dip into savings during rainy days.
I actually think that only dual income families can retire comfortably.
Most single income average families would tend to struggle more when they age.
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